YES SECURITIES acts as Exclusive Advisor to Fonroche Energie SAS for sale of 22.3 MW Solar projects in Rajasthan
Fonroche Energie SAS, a France based renewable energy developer completed monetization of its wholly owned Indian subsidiaries Fonroche Saaras Energy Pvt. Ltd. (FSEPL) and Fonroche Raajhans Energy Pvt. Ltd. (FREPL) to Hinduja Group, a diversified conglomerate with business interests across automobiles, financial services, engineering, international trading, healthcare, real estate, media and infrastructure. YES SECURITIES’ Sustainable Investment Banking Team (SIB) acted as the exclusive advisor to Fonroche for this landmark transaction. YES SECURITIES is a wholly owned subsidiary of YES BANK.
FSEPL and FREPL cumulatively own and operate 22.3 MW solar projects in Gajner, Rajasthan commissioned during 2013 under National Solar Mission Phase I, Batch 2. These projects have been consistently ranked as the top performing projects setup under the Jawaharlal Nehru National Solar Mission (JNNSM) scheme. This is one of the few cross border Mergers & Acquisitions (M&A) transaction in the solar energy space, a sector which has seen significant capacity addition over the last few years. Solomon & Co. acted as the legal advisor to Fonroche and Fortitude Law Associates acted as the legal advisor to Hinduja Group for the transaction. Thierry Carcel, CEO of Fonroche Energie SAS, commented: “We decided to sell our assets in India because Fonroche is seeing an enormous growth in the Latin American market and needed to reallocate its resources. We are very satisfied about the collaboration with YES SECURITIES’ Sustainable Investment Banking (SIB) team, which was able to find the right match for the assets, and made the whole process quite smooth for us”.
YES SECURITIES’ Sustainable Investment Banking (SIB) team acted as the exclusive advisor for this transaction. Speaking on this occasion, Mr. Vikas Dawra, Senior President, YES SECURITIES said, “YES SECURITIES, a wholly owned subsidiary of YES BANK has deep rooted understanding and expertise in the renewable energy space and is privileged to have executed one of the few cross border M&A transactions in the solar energy sector. YES SECURITIES is actively working on more such marquee deals in the renewable energy space. The SIB team has now successfully concluded five renewable energy M&A transactions in the last 12 months, which makes us the No. 1 renewable energy M&A advisor in the country by volume.” Shares of YES BANK LTD. was last trading in BSE at Rs.1195.55 as compared to the previous close of Rs. 1206.65. The total number of shares traded during the day was 100520 in over 4109 trades. The stock hit an intraday high of Rs. 1210 and intraday low of 1194.85. The net turnover during the day was Rs. 120938682.
Source:Equitybulls
